Meridian Energy Limited · NZX:MEL
Meridian Energy — Investor Presentation (November 2025)
25 slides from Meridian Energy's investor presentation, Nov 24, 2025
Slide 1: Release: Meridian Investor Presentation
Release Stock Exchange Listings NZX (MEL) ASX (MEZ) Meridian Investor Presentation 24 November 2025 Attached is a presentation Meridian Energy will be making at a series of investor meetings in the last week of November 2025. For personal use only ENDS Jason Woolley General Counsel and Company Secre
Slide 2: 2025 Investor Presentation
2025 Investor For personal use only Presentation NOVEMBER 2025 7 cm
Slide 3: Why Meridian?
For personal use only Why WhyMeridian? Meridian? Meridian’s Ōhau A Power Station in the Mackenzie Basin, South Canterbury. 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 2
Slide 4: Leading sustainability performance
Leading sustainability performance For personal use only Green Finance Climate-related Disclosures Framework Aotearoa New Zealand Climate Standards NZ CS 1, NZ CS 2, NZ CS 3 Greenhouse Gas Emissions Inventory July 2022 1 Report Cover image by nadia@shuttershock and Stewart Watson 2025 INVESTOR PRESE
Slide 5: High quality investment
High quality investment For personal use only quality, high free progressive balance strong deep scale assets cash flow ordinary sheet growth renewable dividend headroom outlook development pipeline 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 4
Slide 6: New Zealand's electricity system
For personal use only New Zealand’s electricity system Meridian’s Manapōuri Power Scheme in the Fiordland National Park. 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 5
Slide 7: New Zealand's electricity system
New Zealand’s electricity system For personal use only 4 major generators, all listed, 1 transmission grid 29 distribution 40 retail brands Approx. 2.3 million consumers 3 majority Government owned owner (state owned) businesses (various (39 TWh pa) ownership structures) 30 June 2025 30 June 2025 An
Slide 8: Projected electricity demand
Projected electricity demand By 2050 New Zealand will require around $30 billion of Annual NZ demand for generation GWh investment in new renewable generation. 80,000 projected History Significant amount of existing generation will either be Evo For personal use only replaced or repowered in that ti
Slide 9: Security of supply
Security of supply Gas reserves and production 2024/2025 security of supply was underpinned by new, PJ PJ short-term transactions with NZAS and Methanex. Remaining reserves (2P) 1 Gas production (RHS) 2,100 200 Declining production and reserves mean gas can no longer For personal use only reliably m
Slide 10: Sector reviews
Sector reviews Government’s electricity sector review actions Deliver an LNG import facility. Enable the Mixed Ownership Model companies to raise equity. For personal use only Leverage Government purchasing power to drive new energy projects. Resource management changes, the Fast-track approvals pro
Slide 11: About Meridian
For personal use only About Meridian Headwaters of Lake Pūkaki in the Mackenzie Basin, South Canterbury. 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 10
Slide 12: About Meridian
About Meridian New Zealand’s largest generator, producing over 30% of the country’s electricity needs, all production from For personal use only renewable sources. Seven large Hydro Stations – flexible plant with the country’s largest storage. Eight Wind Farms and currently constructing Meridian’s f
Slide 13: Our strategy
Our strategy For personal use only 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 12
Slide 14: Construction and development pipeline
Development Construction and development pipeline GWh (annual) Wind Solar Total 6,910 For personal use only 7,000 15 TWh 6,000 total 5,000 equivalent to 35% of current demand 4,000 2,910 3,000 2,000 1,845 1,305 1,000 542 705 720 0 Constructed In construction Consented Currently in Consents to Secure
Slide 15: Ruakākā Solar Farm
For personal use only Ruakākā Solar Farm Impression of Meridian’s $227 million Ruakākā Solar Farm near Whangārei, which is expected to be completed in early 2027. 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 14
Slide 16: Our customers
Customer connections Source: Meridian Our customers ICP (000) 500 Meridian Powershop Total 405 Successful transformation of our Retail business and launch 400 365 363 370 of Smart Hot Water offer. 330 142 300 117 117 120 89 Renewable Energy Certificates and Energy Wellbeing For personal use only Pro
Slide 17: The value of hydro storage
The value of hydro storage Annual Price Participation GWAP/TWAP 160% History WTK Chain MAN Wind Solar For personal use only 140% 120% 100% 80% 60% 40% 2002 2025 2050 Financial year ended 30 June 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 16
Slide 18: For personal use only
For personal use only 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 17
Slide 19: FY25 key points
FY25 key points For personal use only comparisons are with FY24 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 18
Slide 20: Financial performance and capital structure
For personal use only Financial Financialperformance information informationand capital structure Maintenance work at Meridian’s West Wind Farm near Wellington. 2025 INVESTOR PRESENTATION NOVEMBER 2025 PAGE 19
Slide 21: Dividends
Dividends Meridian’s ordinary dividend policy Ordinary dividends declared cps Meridian’s ordinary dividend policy is to make 25 distributions at a dividend payout ratio, within an average over time, of 80% to 100% of Operating Free For personal use only 20 Cash Flow, subject to the Board’s due consi
Slide 22: Financial performance
Financial performance EBITDAF1 Net profit after tax (continuing operations) Capital expenditure $M $M $M Growth Stay in business Total 1,000 600 400 346 349 800 400 46 300 72 For personal use only 200 415 451 429 600 193 0 95 200 175 400 905 692 709 783 102 40 300 277 80 611 -200 -452 200 100 38 -40
Slide 23: Debt and funding
Debt maturity profile as at 30 June 2025 Debt and funding $M 700 Drawn debt maturing (face value) Available facilities maturing FY25 net debt of $1,505 million, net debt to EBITDAF at 2.5 600 times. 500 243 400 June 2025 total borrowings of $1,569 million. For personal use only 300 250 Total funding
Slide 24: Financial metrics
Financial metrics Financial year 2021 2022 2023 2024 2025 Operating cash flow $M 431 461 509 667 318 Stay in business capital expenditure $M 38 40 46 72 80 Operating free cash flow $M 393 421 463 595 238 For personal use only Annual dividend declared (cps) cps 16.9 17.4 17.9 21.0 21.2 Free cash flow
Slide 25: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian Energy with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the informatio
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